📉 Is the Private Equity model fundamentally broken, or is it just a pause?

In this episode of the Private Equity Experience, hosts Ed Barton, Rory Liebhart, and Emily Sander dive deep into the "structural reset" currently hitting the industry. Based on recent data from Cascadia Capital, the team debates whether the recent slowdown is a temporary cyclical pause or a permanent shift in how private equity operates.

Inside this episode:

• The Family Business: Ed shares a personal update on hiring a "nepo baby" to navigate a challenging tax season.
• Structural Reset vs. Cyclical Pause: Why 30-40% of existing PE funds might not be operating in five years.
• The Rise of Secondaries: Understanding why continuation vehicles now make up 30% of PE exits.
• The Valuation Gap: Dealing with the "bid-ask spread" and the reality of 13x vs. 9x EBITDA multiples.
• Transparency is King: Why Limited Partners (LPs) are moving from a "just trust us" mentality to demanding hard numbers and predictable returns.

Key Takeaways:
Whether you are an investor, a business owner, or a finance professional, understanding these new market forces—from the $1.4 trillion in unrealized value to the increasing competition from family offices—is crucial for navigating the 2026 landscape.

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🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

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Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

Does private equity just optimize businesses, or does it optimize the entire playing field? 📈 In this episode of The Private Equity Experience, Emily Sander, Ed Barton, and Rory Liebhart pull back the curtain on the "sophisticated" world of public policy and lobbying.

We dive deep into how private equity firms use their outsized weight to influence laws, regulations, and tax codes to protect their returns. From the famous (and controversial) carried interest tax treatment to "rent-seeking" strategies that create obstacles for competitors, we explore the tools PE firms use to ensure their portfolio companies stay on top.

In this episode, you’ll learn:

• The Power of Politics: Why politics might be the most important form of leverage for PE firms.
• Carried Interest Explained: Why this "bonus" is taxed at long-term capital gains rates instead of ordinary income.
• The Lobbying Machine: How firms like Blackstone and KKR use internal teams and industry coalitions to shape legislation.
• Rent-Seeking & Regulation: How businesses use the government to create barriers for their competition.
• Litigation as Strategy: Using the courts to interpret and influence policy when lobbying isn’t enough.

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🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory

In this episode of the Private Equity Experience, Emily Sander, Ed Barton, and Rory Liebhart dive into the secretive and rapidly growing world of family offices. Think Private Equity is the only big player in town? Think again. In our latest episode of the Private Equity Experience, we’re pulling back the curtain on the $5.5 trillion world of Family Offices

From 40-year investment horizons to the "poaching" of top Wall Street talent, family offices are changing the rules of the game for founders and investors alike.

In this episode, we discuss:
💰 Why family offices are becoming direct competitors to PE firms.
⏳ The "Generational Wealth" advantage: Why patience is their superpower.
📉 The $100 Million Breakpoint: When does it make sense to bring management in-house?.
🤝 Why founders might prefer a family office partner over traditional institutional capital.
Whether you're a founder looking for growth capital or an investment pro curious about the "buy-side" of family wealth, this is an episode you can't afford to miss.

Key Discussion Points
- Defining the Family Office: A professional money management entity designed to oversee and grow the wealth of a specific family.
- Family Office vs. Private Equity: Unlike PE firms that manage external capital for Limited Partners (LPs), family offices own the capital they deploy, allowing for unique flexibility in tax treatment and liquidity.
- The "Generational Wealth" Advantage: Because they aren't bound by 10-year fund cycles, family offices can maintain a 40-year investment horizon, offering founders more patience and less pressure to "churn" deals.
- The Cost of In-House Management: Ed explains the "breakpoint" for starting a single-family office, noting that it typically requires roughly $100 million in investible assets to remain cost-effective while hiring top-tier talent.

Why Founders Should Pay Attention
For founders looking for an exit or growth capital, family offices offer a compelling alternative to PE:
- Flexibility on Terms: They are often more willing to make smaller investments (under $10M revenue) that traditional PE firms might find too small.
- Seamless Transitions: Founders who have previously made money for an investor often find a "warmer" and more trusted partnership within that investor’s family office.

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🎙 Podcast – Strategies, PE 101 & witty banter

📚 Book – On‑Ramp to Exit, full deal life cycle

🛠 Resources – Free templates, guides, tools

🔗 LinkedIn – Follow us for fresh PE insights

================================

Who Are We?

Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

🔗Connect with Ed

🔗Connect with Emily

🔗Connect with Rory